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System, method and program product for administering fund movements

DC
  • US 8,589,289 B1
  • Filed: 02/22/2011
  • Issued: 11/19/2013
  • Est. Priority Date: 06/14/2010
  • Status: Active Grant
First Claim
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1. A method for administering a deposit sweep program, comprising:

  • accessing, by a deposit management computer system comprising one or more computers, one or more electronic databases stored on one or more computer-readable media, said one or more electronic databases comprising;

    (i) aggregated account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of recipient depository institutions, said aggregated account information comprising a balance of funds held in each of the aggregated deposit accounts, wherein each aggregated deposit account aggregates funds from a plurality of client accounts of one or more source institutions, and wherein at least one of the plurality of aggregated deposit accounts in at least one of the recipient depository institutions is associated with an aggregated transaction account having an overdraft facility;

    (ii) client account information for each of the plurality of client accounts, said client account information comprising a balance of funds of each client account held in each of the aggregated deposit accounts of each of the recipient depository institutions holding funds of said each client account;

    obtaining, by the deposit management computer system, client account transaction information for each of multiple of the client accounts of the one or more source institutions, the client account transaction information comprising credit information applied to and/or debit information applied against said each of the multiple of the client accounts for one or more sub-periods of time;

    obtaining, by the deposit management computer system, a net transfer amount for the one or more sub-periods of time for each of one or more of the source institutions;

    when one or more of the obtained net transfer amounts requires a first withdrawal/transfer amount, selecting, via the deposit management computer system, at least one aggregated deposit account to which to withdraw/transfer funds from, said selecting comprising, selecting the at least one aggregated deposit account associated with an aggregated transaction account having an overdraft facility, based at least in part on one or more selection rules including a selection rule that selects the at least one aggregated deposit account having a cutoff time which facilitates the timely movement of funds to the one or more source institutions;

    generating first transfer data by the deposit management computer system, and communicating directly or indirectly at least one first transfer instruction to the at least one recipient depository institution holding the selected at least one aggregated deposit account with the associated aggregated transaction account having an overdraft facility, wherein the at least one first transfer instruction instructs the at least one recipient depository institution to wire or electronically transfer using the overdraft facility all or part of the first withdrawal/transfer amount from the aggregated transaction account associated with the selected at least one aggregated deposit account to the one or more source institutions prior to any partial or whole settlement of each overdraft from the selected at least one aggregated deposit account;

    generating second transfer data by the deposit management computer system, and communicating directly or indirectly at least one second transfer instruction to the at least one recipient depository institution holding the selected at least one aggregated deposit account with the associated aggregated transaction account having an overdraft facility, wherein the at least one second transfer instruction instructs the at least one recipient depository institution to withdraw/transfer all or part of a second withdrawal/transfer amount from the selected at least one aggregated deposit account to its associated aggregated transaction account in partial or full settlement of the overdraft therein, wherein if a withdrawal/transfer limit has been met by the selected at least one aggregated deposit account during the one or more sub-periods of time, the at least one second transfer instruction is presented in person, by mail, by messenger, by telephone and distributed by mail, by automated teller machine, or a combination thereof, so that the selected at least one aggregated deposit account preserves its interest-bearing status;

    reallocating, by the deposit management computer system, amounts of funds from multiple of the plurality of client accounts so that, after taking into consideration each net transfer amount, the balance of funds held in each of the aggregated deposit accounts matches a sum of the respective balances of funds of the client accounts allocated to said each of the aggregated deposit accounts; and

    updating, by the deposit management computer system, said each balance of funds of said each client account of the multiple of the client accounts after and based at least in part on the reallocating step.

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